Retirement age has risen. Do you think the advantages of this outweigh the disadvantages?

After years of hard work, most people at an average age of 60 would expect to enter their retirement as a welcomed reward following a successful career. However, in recent times, nations around the world have tended to raise the threshold of retirement year after year. This is an intricate matter. However, I believe the benefits resulting from this change would not outweigh the drawbacks, and I shall discuss it thoroughly in the following essay. 

Without a doubt, increasing the age of leaving the workforce could bring about several advantages. First, on a broad scale, the decreasing birth rate, combined with an aging population, is directly causing a labor shortage right now and in the near future. Indeed, records show that about 10,000 people per day in the United States reach 65, a trend that is anticipated to continue until at least 2029. Some countries are implementing new policies to retain laborers in their 50s and 60s in the workforce. Hence, by raising the retirement age, individuals have more opportunities to contribute their talents and set aside more money to better prepare for retirement life. Second, having more elderly individuals at work means having a workforce with higher skills and experience. They can provide essential mentorship and guidance to younger colleagues, boosting productivity and nurturing a sense of equity between different generations. 

On the other hand, retiring at an early age would certainly have major downsides. The new policy of raising the retirement age may go against people’s will and create dissatisfaction. Some might already suffer from illnesses and cannot keep on working any longer while waiting to receive their pension. Others would prefer to retire and spend time with their families, friends, or simply for themselves after years of being busy. Additionally, as people age, their work performance might not be as strong as that of the younger generation. This includes areas such as creativity, flexibility, and adaptation to many aspects of the modern technology era. For instance, poor eyesight, less physical strength, less exposure to current trends, or generational mindset differences might all cause significant concerns, resulting in a decline in productivity and even pressures among elderly individuals. 

Overall, the rise of the retirement age could provide a solution for the current lack of labor and offer a means of education as the old staff can pass on knowledge and experience to younger ones. However, it also requires the old generation to consider risking their health, sacrificing more time, and even working harder to catch up with the young generation. Therefore, while considering that the drawbacks outweigh these benefits, I believe by carefully considering and providing supportive policies, the governments can create a balanced approach that maximizes the positive outcomes of this necessary change.

(456 words)

New vocabulary:

- threshold of retirement (n): ngưỡng tuổi nghỉ hưu

- intricate (adj): phức tạp

- aging population (n): dân số già hoá

- labor shortage (n): sự thiếu hụt lao động

- set aside (v): để dành, tiết kiệm

- a sense of equity (v): cảm giác công bằng

- pass on knowledge (v): truyền đạt kiến thức